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Why can't any US firms compete with SWIFT?
- Thread starter thetraveler
- Start date
Don't quote me, but it's in the .0002 (not .002)... range... around 1/50th of a penny
Quote from Cre8UrF8:
That is what I am asking!! What is the EXECUTION FEE? This thread was started to ask why US firms charge so much higher than SWIFT, so I would like to know how much SWIFT charges to find out how much higher US firms are actually charging?
the reason is because most firms make their money off of their traders making trades....so they charge you X amount per trade or per share and that is where they make most of their money.....at swift the company makes their money off of the traders profits....so they charge very little in fees because that is not where they make their money....they need their traders to be profitable to make money so they keep fees low
Quote from joeyata1:
so what is swift charging total per trade now? 10 cents? how low are they going?
currently 11.9 cents per trader.....and it is a break even venture for them so as swift continues to grow and gets more traders making more traders supposedly the per trade fee could feesable be 1-2 cents someday in the future.
they use the 11.9 cents per trade to cover the wages of their computer techs which is a fixed cost each year.....so more traders making more trades means lower fees for all traders
Quote from Bogan7:
Trading man you are wrong with your explanation
It goes alot like this the trainees start with 100 shares which is correct and as they get better they are given more (if the dont they are or should be let go) Once you make $2000 in a month you are considered graduated but the firm especially in Canada pay you from dollar $1. There is no set 5 month trainee time limit and like i said you start earning from the first dollar you make and as you make more your commission level goes up.
China and some over countries used to pay a low comm but they are being pressured to increase due to competition.
I hope this helps
Thanks for the correction Bogan7... Do you work for Swift in Canada and if so what % do you make on every dollar you earn? I read it starts at 45% can someone confirm.
Also what happens if you start off losing money say -$100 in your 1-2 month, does this get carried over or do you have to pay it back once you start earning money, or does Swift cover this?
No I dont but i know alot of people who do. They start off on 35% not 45%.
If you lose one month why should the firm cover you the business is not a charity. If you lose one month as an independant does god cover you? You are paid for what you earn net net which is fair enough it is amazing how many people expect someone to cover their bad months.
If you lose one month why should the firm cover you the business is not a charity. If you lose one month as an independant does god cover you? You are paid for what you earn net net which is fair enough it is amazing how many people expect someone to cover their bad months.
Haha... I guess there's no such thing as a free lunch... But anyway I thought I heard somewhere Swift covering new traders accounts for their first 2 months, but I guess I was wrong...